Norton Rose, Freshfields lead on E9.3bn takeover
Norton Rose has advised German utility giant RWE on its E9.3bn (£8.4bn) takeover of Dutch rival Essent, the latest in a series of big-money mergers involving European utility companies. Freshfields Bruckhaus Deringer advised Essent as RWE, Germany's second-largest utility and the fifth-largest in Europe, paid around 9.6 times Essent's estimated pre-tax annual earnings to complete the deal.
January 13, 2009 at 09:51 AM
2 minute read
Norton Rose has advised German utility giant RWE on its E9.3bn (£8.4bn) takeover of Dutch rival Essent, the latest in a series of big-money mergers involving European utility companies.
Freshfields Bruckhaus Deringer advised Essent as RWE, Germany's second-largest utility and the fifth-largest in Europe, paid around 9.6 times Essent's estimated pre-tax annual earnings to complete the deal.
RWE will use a E9.3bn credit facility to fund the takeover. The deal comes on the heels of several major European utility takeovers, including EDF's move to outbid Warren Buffett for Constellation Energy. EDF also purchased British Energy for £12.5bn last year and is awaiting regulatory approval to close that deal.
The RWE-Essent deal is expected to close in the third quarter, the companies said. Eighty percent of Essent shareholders must approve the deal.
Corporate partner Shawn der Kinderen, based in Amsterdam, led the Freshfields team advising Essent, along with partners Steven Perrick, Winfred Knibbeler, and Hans Galavazi.
Weero Koster led the Norton Rose team advising RWE, assisted by partners Daphne Broerse, Simon Currie, Alan Crookes, Wouter Hertzberger, Louise Higginbottom, Richard Hill, Erol Huseyin, Yke Lennartz, Mauro Mattiuzzo, Remco Smorenburg, Michael Taylor and John Wood.
This article first appeared on The Am Law Daily blog on americanlawyer.com, Legal Week's US sister title.
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